'Dear Uncle Bob'

Updated June 3, 2004 12:01 am ET

Where's Eliot Spitzer when you really need him? New York's Attorney General considers himself the scourge of corporate bad behavior. And if a new report from the Senate Committee on Governmental Affairs is right, one of the worst examples of corporate self-dealing and abuse of power still awaits his untender mercies: Ullico.

The closely held union insurance company gained some small notoriety in 2002 when it came out that its board -- an A-list of American labor leaders -- had profited from a stock-selling scheme. Insiders...